Nifty reclaims 7700 amid volatility; banks, ITC support

Written By Unknown on Kamis, 07 Agustus 2014 | 16.03

Aug 07, 2014, 02.14 PM IST | Source: Moneycontrol.com

Shares of ICICI Bank, HDFC Bank, ITC, ONGC, Tata Steel, Dr Reddy's Labs, Coal India and BHEL rallied 1-2 percent followed by Reliance Industries, L&T and M&M with over half a percent.

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Nifty reclaims 7700 amid volatility; banks, ITC support

Shares of ICICI Bank, HDFC Bank, ITC, ONGC, Tata Steel, Dr Reddy's Labs, Coal India and BHEL rallied 1-2 percent followed by Reliance Industries, L&T and M&M with over half a percent.

14:14

Moneycontrol Bureau
Live Market Commentary The market recouped all its losses in afternoon trade with the Nifty reclaiming 7700 level supported by banks, capital goods, oil & gas and FMCG stocks. Technology stocks trimmed losses.

The Sensex rose 105.38 points to 25770.65 and the Nifty climbed 33.40 points to 7705.45. About 1328 shares have advanced, 1427 shares declined, and 113 shares are unchanged.

Shares of ICICI Bank, HDFC Bank, ITC, ONGC, Tata Steel, Dr Reddy's Labs, Coal India and BHEL rallied 1-2 percent followed by Reliance Industries, L&T and M&M with over half a percent.

However, IT majors TCS and Infosys trimmed losses to 1 percent from nearly 2 percent earlier. Tata Motors and Sun Pharma declined half a percent.

13:00

IT stocks loose ground as Cognizant cuts full year revenue guidance to 14 percent versus 16.5 percent. The rupee recovered as sentiment improves after the cabinet approved FDI in defense and railway.

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12:00

IT majors TCS and Infosys dropped 1.6 percent each followed by Sun Pharma and Hindalco Industries with over a percent. However, private lenders ICICI Bank and HDFC Bank gained marginally.

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11:00

Tata Steel, Coal India, Maruti, BHEL and HDFC Bank are top gainers in the Sensex. Among the losers are TCS, Infosys, Wipro, Sun Pharma and HUL.

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10:00

Jindal Steel topped the buying list in Nifty, up 4 percent after good numbers in Q1FY15 primarily driven by inventory liquidation in the steel segment. Citi advises buying stock with a target price of Rs 385, citing Q1FY15 numbers beat despite heavy burden of fixed costs and profit after tax was intact signifying profitability potential.

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09:15

Rail and defence stocks are buzzing as the Modi government stepped up its FDI hunt as Cabinet cleared the proposal to allow 100 percent FDI in railway infrastructure. It also waved the green flag for 49 percent FDI in the defence sector via the FIPB route, the management control will however rest with Indians.

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